Novaside Timber Systems Ltd, the Scottish timber frame manufacturer, has called in receivers after encountering cash flow problems.

Around 50 employees have been paid off at the Cumbernauld-based company although attempts are still being made to sell the business as a going concern, according to receivers Ten’on.

Formerly trading as Avonside Homes Ltd, Novaside has been operating within a group of companies owned by Antonine Holdings Ltd. The operation had a turnover of £5m last year and a current order book valued at £4m, although the latter figure was below expectations.

&#8220There have already been some expressions of interest and I’m confident of selling Novaside as a going concern.”

Kenny Craig, Ten’on director of recovery services.

Kenny Craig, Ten’on’s director of recovery services for Glasgow and the west of Scotland, highlighted Novaside’s good premises and modern equipment.

He said: “There have already been some expressions of interest and I’m confident of selling the company as a going concern.”